TOFB - TOFUTTI ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 29, 2025
Edison, New Jersey, May 19, 2025 (GLOBE NEWSWIRE) -- TOFUTTI BRANDS INC. (OTCQB Symbol: TOFB) issued its results for the fiscal quarter ended March 29, 2025 today.
Net sales for the thirteen weeks ended March 29, 2025 decreased by $621,000, or 28%, from net sales of $2,212,000 for the thirteen weeks ended March 30, 2024 to $1,591,000 for the thirteen weeks ended March 29, 2025. Sales of our vegan cheese products decreased to $1,373,000 in the thirteen weeks ended March 29, 2025 from $1,809,000 in the thirteen weeks ended March 30, 2024. Our sales were negatively impacted by increased competition in the vegan cheese category and a pause in orders resulting from the uncertainty created by the proposed new tariffs to be implemented by the U.S. and foreign countries that we sell to.
Our gross profit increased to $589,000 for the thirteen weeks ended March 29, 2025 from $470,000 for the thirteen weeks ended March 30, 2024, due principally to significant price increases implemented at the end of 2024. Our gross profit percentage was 37% for the thirteen weeks ending March 29, 2025 compared to 21% for the thirteen weeks ending March 30, 2024.
Total operating expenses decreased to $750,000 for the thirteen weeks ended March 29, 2025 from $772,000 for the thirteen weeks ended March 30, 2024. As a result of the foregoing, we recorded an operating loss of $161,000 in the thirteen weeks ended March 29, 2025 compared with an operating loss of $302,000 in the thirteen weeks ended March 30, 2024. We recorded a net loss of $162,000 ($0.03 per share) in the thirteen weeks ended March 29, 2025 compared with a net loss of $303,000 ($0.06 per share) in the thirteen weeks ended March 30, 2024.
As of March 29, 2025, we had approximately $609,000 in cash and our working capital was approximately $2,738,000, compared with approximately $462,000 in cash and working capital of $2,893,000 at December 30, 2024.
About Tofutti Brands Inc. Founded in 1981, Tofutti Brands Inc. develops and distributes a complete line of plant-based products. The Company sells more than twenty-five (25) dairy-free foods including cheese products and frozen desserts. Tofutti Brands Inc. is a proven innovator in the food industry and has developed a full line of delicious and healthy dairy-free foods. Available throughout the United States and in more than fifteen (15) countries, Tofutti Brands answers the call of millions of people who are allergic or intolerant to dairy or wish to maintain a kosher or vegan diet. Tofutti’s product line includes plant-based ice cream pints, cones, Tofutti Cutie ® sandwiches and novelty
Forward-Looking Statements. Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to the impact of announced tariffs on our revenues, business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-K.
| Company Contact: |
| Steve Kass |
| Chief Executive and Financial Officer |
| (908) 272-2400 |
| (908) 272-9492 (Fax) |
TOFUTTI BRANDS INC.
Unaudited Condensed Balance Sheets
(in thousands, except share and per share figures)
| March 29, 2025 |
| December 28, 2024 |
| Assets |
| Current assets: |
| Cash |
| $ |
| 609 |
| $ |
| 462 |
| Accounts receivable, net of allowance for doubtful accounts and sales promotions of $350 and $389. |
| 540 |
| 989 |
| Inventories |
| 2,144 |
| 1,879 |
| Prepaid expenses and other current assets |
| 101 |
| 111 |
| Total current |
| 3,394 |
| 3,441 |
| Operating lease right-of-use assets |
| 323 |
| 340 |
| Finance lease right-of-use asset |
| 17 |
| 21 |
| Other assets |
| 21 |
| 21 |
| Total assets |
| $ |
| 3,755 |
| $ |
| 3,823 |
| Liabilities and Stockholders’ Equity |
| Current liabilities: |
| Accounts payable |
| $ |
| 347 |
| $ |
| 257 |
| Accrued expenses |
| 292 |
| 275 |
| Finance lease liability, current portion |
| 17 |
| 16 |
| Total current liabilities |
| 656 |
| 548 |
| Operating lease liabilities, net of current portion |
| 274 |
| 283 |
| Finance lease liability, net of current portion |
| 1 |
| 6 |
| Total liabilities |
| 931 |
| 837 |
| Stockholders’ equity: |
| Preferred stock - par value $.01 per share; authorized 100,000 shares, none issued and outstanding |
| — |
| - |
| Common stock - par value $.01 per share; authorized 15,000,000 shares, 5,153,706 shares issued and outstanding |
| 52 |
| 52 |
| Additional paid-in capital |
| 377 |
| 377 |
| Retained earnings |
| 2,395 |
| 2,557 |
| Total stockholders’ equity |
| 2,824 |
| 2,986 |
| Total liabilities and stockholders’ equity |
| $ |
| 3,755 |
| $ |
| 3,823 |
TOFUTTI BRANDS, INC.
Unaudited Condensed Statements of Operations
(in thousands, except per share figures)
| Thirteen weeks ended March 29, 2025 |
| Thirteen weeks ended March 30, 2024 |
| Net sales |
| $ |
| 1,591 |
| $ |
| 2,212 |
| Cost of sales |
| 1,002 |
| 1,742 |
| Gross profit |
| 589 |
| 470 |
| Operating expenses: |
| Selling and warehouse |
| 217 |
| 214 |
| Marketing |
| 121 |
| 134 |
| Research and development |
| 44 |
| 42 |
| General and administrative |
| 368 |
| 382 |
| 750 |
| 772 |
| Loss from operations |
| (161 |
| ) |
| (302 |
| ) |
| Loss before interest expense and income taxes |
| (161 |
| ) |
| (302 |
| ) |
| Interest expense |
| 1 |
| 1 |
| Loss before income tax |
| (162 |
| ) |
| (303 |
| ) |
| Provision for income taxes |
| — |
| — |
| Net loss |
| $ |
| (162 |
| ) |
| $ |
| (303 |
| ) |
| Weighted average common shares outstanding: |
| Basic |
| 5,154 |
| 5,154 |
| Diluted |
| 5,154 |
| 5,154 |
| Earnings (loss) per common share: |
| Basic |
| $ |
| (0.03 |
| ) |
| $ |
| (0.06 |
| ) |
| Diluted |
| $ |
| (0.03 |
| ) |
| $ |
| (0.06 |
| ) |